A seven storey, Grade A, locally listed former tyre production factory and warehouse situated on a site of approximately 4.02 hectares (9.93 acres) located within the Bromford area of Birmingham.
A prestigious mixed-use development comprising retail and office space totalling 340,000 sq ft and a 100 bedroom Travelodge Hotel. The property also provides 1,150 basement and ground floor secure car parking spaces.
At the time of our valuation 276,000 sq ft of the property had been let and occupied, 31,000 sq ft was currently under offer and 60,000sq ft remained unlet and unoccupied
Drivers Jonas was appointed by Urban Splash to provide a detailed valuation report of the market value of the mixed use investment property for internal asset management purposes.
Urban Splash holds the property on a 999 year long lease from Advantage West Midlands. The lease allows for the transfer of the freehold interest to Urban Splash upon completion of the redevelopment.
Our valuation was based upon the special assumption that all building works had been completed and the property had been fully let.